TheFinance Act 2011 provides, with effect from 7 December 2010, for a reduction in the maximum allowable pension fund on retirement (known as the Standard Fund Threshold (SFT)) from just over €5.4 million to €2.3 million. The legislation also provides for an individual who has "uncrystallised" pension rights in excess of this lower SFT on that date to protect those rights by claiming a Personal Fund Threshold (PFT) from the Revenue Commissioners.
A PFTNotification Form (PDF, 113 KB) (including general guidance on applying fora PFT) is now available on the Revenue website.
If you have a pension between €2.3 million and €5.4 million it would be worthwhile contacting your pension provider.
A video message from Tadgh O'Sullivan, Director.
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